Total Needs $16bn to complete Nigeria Oil Project

Total Nigeria’s management has said that it will complete the Egina field development project with an initial budget provision of $16 billion by the fourth quarter of 2018.

Egina is the largest investment project currently ongoing in the oil and gas sector in Nigeria. The overall progress of the project stands at 88 per cent, according to the company, and a key milestone was achieved on October 31, 2017, as the Floating, Production, Storage and Offloading unit (FPSO) started its journey to Nigeria.

With expected 200,000 barrels per day to Nigeria’s oil production, about 10 per cent of the country’s total oil production, Total said Egina project was the first major deepwater development project launched after the enactment of the Nigerian Oil and Gas Industry Content Development (NOGICD) Act of 2010.

The field was discovered by Total Upstream Nigeria Limited (TUPNI) in 2003 within the Oil Mining Licence 130 (OML130) some 200 kilometres South of Port Harcourt, Nigeria. The field is being developed by TUPNI in partnership with NNPC, CNOOC, SAPETRO and PETROBRAS.